We are acquiring a newly built apartment in Malmesbury and my solicitor is advising me that she is duty bound to the mortgage company to reveal incentives from the seller. The Estate Agents are hassling me to exchange and I would rather not prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in Malmesbury? Why is this being asked of me?
Malmesbury conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under money laundering regulations to check the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement no older than three months).
Evidence of source of funds is also necessary under the money laundering regulations as lawyers have a duty to check that the monies you are using to purchase a property (be it the exchange deposit or the full purchase monies where you are buying mortgage free) has originated from a reputable source (such as an inheritance) rather than the fruits of illegitimate behaviour.
I am purchasing a semi-detached house in Malmesbury. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Malmesbury you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Malmesbury.
I have been told that property searches are the primary cause of stalling in Malmesbury conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Malmesbury.
I am looking for a leasehold apartment up to £245,000 and identified one round the corner in Malmesbury I like with open areas and station nearby, however it only has 51 remaining years left on the lease. There is not much else in Malmesbury suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Your search tool is useful but there are many lawyers listed near Malmesbury being on the mortgage company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the bank approved panel?
We do not recommend specific Malmesbury firms as the right Malmesbury conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Malmesbury knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..